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2011 (7) TMI 566 - CESTAT, CHENNAICenvat credit denied - Held that:- There is no dispute that M/s.Noritsu (importers) discharged duty liability on the four items in dispute and there is no further dispute that the assessees took credit only of the duty paid on the items therefore, there can be no ground for denial of credit on technical ground, namely, that the invoices raised by M/s.Noritsu to Kodak India Ltd. and Kodak India Ltd. to the respondents were not proper documents as prescribed under Rule 9 of the CENVAT Credit Rules, 2004 for taking credit - Decided in fvaour of assessee. Penalty - As regards setting aside of penalty under Section 76 of the Finance Act, 1994, find that penalty under Section 78 has been retained by the lower appellate authority, although reduced - Since penalties under Section 76 and 78 cannot co-exist, there is no merit in the Revenues case for restoration of the penalty under Section 76 - However, as regards penalty under Section 77, it is required to be restored for non-filing of ST-3 returns by the respondents.
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